Just under half of UK adults are worried that their standard of living will fall over the next 12 months, new research has found.

A survey of 4,000 UK adults found that 48 percent were worried about their future standard of living, with those in their 30s most concerned (55 percent).

Financial concern dropped to 38 percent for over 50’s – likely due to accumulated savings.

Of those surveyed, 1,765 (44.1 percent) were male and 2,216 (55.4 percent) were female, while 733 (18.3 percent) had a net worth of more than £100,000

Energy prices still top people’s biggest concerns on the factors threatening their living standard, along with the cost-of-living crisis and high prices caused by inflation.

Men are more concerned about losing wealth through divorce (24 percent versus 19 percent), whereas women are more likely to fear the financial impact of their partner or spouse dying (47 percent versus 42 percent).

Proportion of people concerned about various factors impacting their personal finances

On average, consumers spend over six hours a month on their finances, with groceries and other household costs taking up the most time (52 minutes) followed by bank account management (48 minutes), and paying for holidays (42 minutes).

Wealthier people with assets over £100k spend longer keeping their financial house in order, averaging eight hours a month. Men, meanwhile, typically spend around 20 percent longer than women.

A tougher financial climate means we expect to spend more time managing our finances overall, largely in response to dealing with rising costs and stubborn inflation (48 percent) and the need to save more money (41 percent).

Alasdair Wild, Area Manager at Handelsbanken Wealth & Asset Management: “Dealing with the ongoing cost-of-living and keeping your finances in check can be a time-consuming process and a real challenge for most people given there only are so many hours in the day.

“However, doing the bare minimum is unlikely to offer much protection in such a tough financial climate, and investing time to plan and manage your finances and, when required, bringing in external professional support, can make a real difference to protecting your standard of living.

“While avoiding the issue may provide temporary relief, it will only exacerbate problems down the line, so seeking support is key.”